RWC Partners will launch the RWC US Absolute Alpha Fund, a Ucits III US equity long/short fund, in October 2009 pending approval from the Luxembourg regulator, the CSSF. The fund will be managed by Mike Corcell.

The fund aims to generate strong returns with a low correlation to market direction and manage downside risk in all market conditions. RWC Partners is expected to announce further details of the London-based team that will be working with Corcell by the autumn.

RWC Partners has raised $2 billion for the existing funds within its Ucits III Sicav range since January 2007. Around three-quarters of the assets in the funds come from continental European based investors. These include the RWC Strategic Reserve, a low risk multi-asset absolute return strategy and the RWC Global Convertibles, a long-only convertible bond fund.

Corcell has been managing US equity long short strategies since 1999. He has been involved in US equity portfolios since 1996. Previously he was responsible for managing the Threadneedle American Crescendo Fund, a US equity long short fund launched in 2004.